How have the five biggest IPOs of FY25 fared so far

FY25-26 has seen some major IPO offerings, led by HDB Financial Services, which raised ₹12,500 crore, the largest IPO of the ongoing fiscal year. Other listings include Schloss Bangalore (₹3,500 crore), Ather Energy (₹2,981 crore), Aegis Vopak Terminals (₹2,800 crore), and Belrise Industries (₹2,150 crore).

Here's a quick look at the top 5 IPOs by issue size in FY26, along with listing gains and current price performance (as of July 7, 2025).

HDB Financial Services

: Raised ₹12,500 crore and listed on July 2, 2025. The stock opened at ₹835, marking a 13% listing gain over its issue price of ₹740. As of July 7, it is trading 16% higher than its issue price.

Schloss Bangalore: Raised ₹3,500 crore and listed on June 2, 2025. The stock debuted at ₹407, a 7% discount to its issue price of ₹435, and is currently trading at ₹404, still down 7%.

Ather Energy: The electric two-wheeler maker raised ₹2,981 crore and listed on May 6, 2025. It listed slightly above its issue price of ₹321 at ₹326 (a modest 2% gain) and has since inched up to ₹332.35, up 4%.

Aegis Vopak Terminals: Raised ₹2,800 crore and listed on June 2, 2025 at ₹220, a 6% discount to its issue price of ₹235. The stock recovered to ₹243.16 by July 7, registering a 3% gain over the issue price.

Belrise Industries: Listed on May 28, 2025 after raising ₹2,150 crore. It opened at ₹99, a 9% premium to its issue price of ₹90, and has continued to perform well, trading at ₹102.80, a 14% gain.

Looking ahead, the IPO market is well-positioned for continued momentum in the second half of the calendar year. The pipeline remains robust, with 77 companies, including prominent names like JSW Cement, Hero Fincorp, NSDL, Vikram Solar, LG Electronics India, Kent RO, Anthem Biosciences, Bluestone Jewellery and Lifestyle, and Euro Pratik Sales, already holding SEBI approval.

An additional 80 companies, including those using the pre-filing route, are awaiting regulatory clearance.

The pipeline remains strong:

- 10 companies have filed DRHPs via confidential filings,

- 77 companies have filed with SEBI and are awaiting observations, and

- 70 companies have already received SEBI approval.